Poplar Forest Cornerstone Fund
 
Schedule of Investments
 
at December 31, 2022 (Unaudited)
 
           
Shares/Principal Amount
     
Value
 
   
COMMON STOCKS - 68.8%
     
   
Aerospace & Defense - 2.7%
     
 
5,000
 
Curtiss-Wright Corp.
 
$
834,950
 
               
     
Air Freight & Logistics - 0.9%
       
 
1,500
 
FedEx Corp.
   
259,800
 
               
     
Banks - 4.3%
       
 
16,300
 
Citigroup, Inc.
   
737,249
 
 
14,200
 
Wells Fargo & Co.
   
586,318
 
           
1,323,567
 
     
Biotechnology - 3.7%
       
 
4,000
 
United Therapeutics Corp. (a)
   
1,112,360
 
               
     
Chemicals - 2.6%
       
 
15,700
 
Dow Inc.
   
791,123
 
               
     
Commercial Services & Supplies - 1.4%
       
 
20,100
 
MillerKnoll, Inc.
   
422,301
 
               
     
Consumer Finance - 1.4%
       
 
18,000
 
Ally Financial, Inc.
   
440,100
 
               
     
Diversified Financial Services - 3.4%
       
 
4,021
 
Apollo Global Management, Inc. (c)
   
256,500
 
 
27,100
 
Equitable Holdings, Inc.
   
777,770
 
           
1,034,270
 
     
Diversified Telecommunication Services - 2.7%
       
 
44,100
 
AT&T, Inc.
   
811,881
 
               
     
Entertainment - 1.3%
       
 
41,300
 
Warner Bros. Discovery, Inc. (a)
   
391,524
 
               
     
Gas Utilities - 2.2%
       
 
10,700
 
National Fuel Gas Co.
   
677,310
 
               
     
Health Care Providers & Services - 5.1%
       
 
5,300
 
AmerisourceBergen Corp.
   
878,263
 
 
7,300
 
CVS Health Corp.
   
680,287
 
           
1,558,550
 
     
Hotels, Restaurants & Leisure - 3.1%
       
 
19,900
 
Las Vegas Sands Corp. (a)
   
956,593
 
               
     
Insurance - 5.2%
       
 
5,800
 
Allstate Corp.
   
786,480
 
 
12,400
 
American International Group, Inc.
   
784,176
 
           
1,570,656
 
     
IT Services - 5.5%
       
 
19,500
 
DXC Technology Co. (a)
   
516,750
 
 
4,900
 
Fidelity National Information Services, Inc.
   
332,465
 
 
5,800
 
International Business Machines Corp.
   
817,162
 
           
1,666,377
 
     
Machinery - 2.1%
       
 
39,600
 
CNH Industrial NV (c)
   
635,976
 
               
     
Multi-line Retail - 2.3%
       
 
4,900
 
Dollar Tree, Inc. (a)
   
693,056
 
               
     
Oil, Gas & Consumable Fuels - 3.5%
       
 
4,000
 
Chevron Corp.
   
717,960
 
 
8,400
 
Murphy Oil Corp.
   
361,284
 
           
1,079,244
 
     
Pharmaceuticals - 4.7%
       
 
6,600
 
Merck & Co., Inc.
   
732,270
 
 
20,900
 
Perrigo Co. plc (c)
   
712,481
 
           
1,444,751
 
     
Semiconductors & Semiconductor Equipment - 2.2%
       
 
25,200
 
Intel Corp.
   
666,036
 
               
     
Software - 1.0%
       
 
2,500
 
VMware, Inc. (a)
   
306,900
 
               
     
Specialty Retail - 1.9%
       
 
4,000
 
Advance Auto Parts, Inc.
   
588,120
 
               
     
Textiles, Apparel & Luxury Goods - 2.8%
       
 
22,300
 
Tapestry, Inc.
   
849,184
 
               
     
Tobacco - 2.8%
       
 
8,600
 
Philip Morris International, Inc.
   
870,406
 
               
     
TOTAL COMMON STOCKS (Cost $16,820,224)
   
20,985,035
 
               
     
CORPORATE BONDS - 9.5%
       
     
Banks - 2.2%
       
     
Citizens Financial Group, Inc.
       
$
700,000
 
3.750%, 7/1/24
   
669,069
 
     
Food Products - 2.3%
       
     
McCormick & Company, Inc.
       
 
715,000
 
3.500%, 9/1/23
   
707,608
 
     
Gas Utilities - 2.4%
       
     
National Fuel Gas Co.
       
 
800,000
 
3.950%, 9/15/27
   
740,878
 
     
Specialty Retail - 2.6%
       
     
Dick's Sporting Goods, Inc.
       
 
1,000,000
 
3.150%, 1/15/32
   
785,875
 
     
TOTAL CORPORATE BONDS (Cost $2,986,243)
   
2,903,430
 
               
     
U.S. TREASURY NOTES - 11.4%
       
     
U.S. Treasury Floating Rate Note
       
 
650,000
 
4.447%, (USBMMY3M + 0.049%), 1/31/23 (d)
   
650,134
 
     
U.S. Treasury Note TIPS
       
 
878,548
 
0.125%, 7/15/24
   
850,777
 
 
873,788
 
0.250%, 7/15/29
   
801,362
 
     
U.S. Treasury Notes
       
 
310,000
 
0.500%, 11/30/23
   
298,267
 
 
145,000
 
0.750%, 12/31/23
   
139,417
 
 
165,000
 
0.875%, 1/31/24
   
158,368
 
 
165,000
 
1.500%, 2/29/24
   
159,131
 
 
145,000
 
2.250%, 3/31/24
   
140,746
 
 
300,000
 
2.625%, 4/15/25
   
289,008
 
     
TOTAL U.S. TREASURY NOTES (Cost $3,632,415)
   
3,487,210
 
               
     
U.S. GOVERNMENT AGENCY - 2.6%
       
     
Federal Home Loan Banks
       
 
800,000
 
4.000%, 9/30/27
   
799,650
 
     
TOTAL U.S. GOVERNMENT AGENCY (Cost $800,000)
   
799,650
 
               
     
PREFERRED STOCK - 1.6%
       
     
Consumer Finance - 1.6%
       
 
700,000
 
Ally Financial, Inc. - Series B, 4.70%
   
470,312
 
     
TOTAL PREFERRED STOCK (Cost $713,346)
   
470,312
 
               
     
SHORT-TERM INVESTMENTS - 6.0%
       
     
MONEY MARKET FUND - 3.0%
       
 
926,134
 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 4.093% (b)
   
926,134
 
     
TOTAL MONEY MARKET FUND (cost $926,134)
   
926,134
 
               
     
U.S. TREASURY BILLS - 3.0%
       
$
300,000
 
4.120%, 1/24/23 (e)
   
299,329
 
 
465,000
 
3.070%, 2/23/23 (e)
   
462,205
 
 
145,000
 
1.590%, 3/23/23 (e)
   
143,652
 
     
TOTAL U.S. TREASURY BILLS (Cost $906,590)
   
905,186
 
     
TOTAL SHORT-TERM INVESTMENTS (Cost $1,832,724)
   
1,831,320
 
               
     
Total Investments in Securities (Cost $26,784,952) - 99.9%
   
30,476,957
 
     
Other Assets in Excess of Liabilities - 0.1%
   
31,308
 
     
NET ASSETS - 100.0%
 
$
30,508,265
 
               
               
     
TIPS - Treasury Inflation Protected Securities
       
     
USBMMY3M - U.S. Treasury 3 Month Bill Money Market Yield
       
(a)
 
Non-income producing security.
       
(b)
 
Rate shown is the 7-day annualized yield at December 31, 2022.
       
(c)
 
U.S. traded security of a foreign issuer.
       
(d)
 
Variable or floating rate security based on a reference index and spread. The rate reported
 
     
is the rate in effect as of December 31, 2022.
       
(e)
 
Rate shown is the discount rate at December 31, 2022.
       

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

                 
Poplar Forest Cornerstone Fund
             
Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)
       
                 
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
                 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
   
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may
include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,
default rates and similar data.
             
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions
about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
                 
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
   

   
Level 1
   
Level 2
   
Level 3
   
Total
 
                         
Common Stocks
                       
Communication Services
 
$
1,203,405
   
$
-
   
$
-
   
$
1,203,405
 
Consumer Discretionary
   
3,086,953
     
-
     
-
     
3,086,953
 
Consumer Staples
   
870,406
     
-
     
-
     
870,406
 
Energy
   
1,079,244
     
-
     
-
     
1,079,244
 
Financials
   
4,368,593
     
-
     
-
     
4,368,593
 
Health Care
   
4,115,661
     
-
     
-
     
4,115,661
 
Industrials
   
2,153,027
     
-
     
-
     
2,153,027
 
Information Technology
   
2,639,313
     
-
     
-
     
2,639,313
 
Materials
   
791,123
                     
791,123
 
Utilities
   
677,310
     
-
     
-
     
677,310
 
Total Common Stocks
   
20,985,035
     
-
     
-
     
20,985,035
 
Corporate Bonds
   
-
     
2,903,430
     
-
     
2,903,430
 
U.S. Treasury Notes
   
-
     
3,487,210
     
-
     
3,487,210
 
U.S. Government Agency
   
-
     
799,650
     
-
     
799,650
 
Preferred Stock
   
-
     
470,312
     
-
     
470,312
 
Money Market Fund
   
926,134
     
-
     
-
     
926,134
 
U.S. Treasury Bills
   
-
     
905,186
     
-
     
905,186
 
Total Investments in Securities
 
$
21,911,169
   
$
8,565,788
   
$
-
   
$
30,476,957
 
                                 
Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.